On Friday, flash media maker Lexar Media (LEXR) obtained the next revised takeover bid from Micron Technologies (MU). The revised bid destinations https://en.search.wordpress.com/?src=organic&q=소액결제 the all-stock Trade offer you at all-around $10 a share, up marginally within the initial bid.
But major 소액결제현금화 shareholders including billionaire investor Carl Icahn as well as hedge funds and portfolio managers have considered the First bid for being inappropriate. Elliott Associates believes the First bid “appreciably undervalues Lexar,” and feels Lexar is well worth in between $1.five billion and $2.4 billion. The estimate is properly above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way also reduced and must be turned down by shareholders. Micron wants to shell out around one.10x gross sales for Lexar even though the market leader SanDisk (SNDK) is trading at four.35x sales. Lexar also incorporates a $400 million patent infringement lawsuit in opposition to Toshiba that it had Earlier gained but is now subject matter to an attractiveness by Toshiba.
Think about it this fashion, An effective $four hundred million settlement in favor of Lexar would equate to about $4.83 for each share in more funds to include to The existing $0.fifty four in cost-free hard cash soon after financial debt that Lexar has. What this means is Micron would pay out a lot less than $five a share for Lexars property, which can be minimal.
There is certainly also speculation that SanDisk is seriously serious about having a run at getting Lexar. This is able to make sense considering that SanDisk would solidify its Management posture.
Furthermore, SanDisk has a close Operating connection with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to amass Lexar.
Keep tune. A Particular shareholder meeting to evaluation the takeover bid has actually been moved to June 16. In my look at, the $ten bid undervalues Lexar. Question is will a white knight area?